Dubai Govt-Owned Firm KIKLABB Accepts Cryptocurrency Payments

Jafrin  |  Feb 17, 2021

Dubai government-owned licensing firm KIKLABB has announced that customers could now pay for trade licenses and visa fees in cryptocurrencies. According to local media reports, clients can now pay in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Tether (USDT). Kiklabb was also one of the earliest beneficiaries of the resumption of diplomatic relations between the United Arab Emirates and Israel with the firm signing a collaborative agreement with NY Koen Group.

KIKLABB Intends to Expand Its Online Business

Adopting cryptocurrency payment is part of KIKLABB's plan of expansion of its virtual and online business setup. Amid the COVID-19 pandemic, the licensing firm even offered remote registration for customers.

Commenting on the move, CEO of KIKLABB, Tasawar Ulhaq, said that the decision to accept digital currencies as a form of payment is in response to a growing interest in cryptocurrency.

This comes in response to the increased interest of customers from the blockchain and fintech sectors in the region. He even added that the cryptocurrency payment system would allow entrepreneurs across the globe to access and set up business in the United Arab Emirates (UAE).

He further said that it was only a matter of time before people recognized cryptocurrencies such as Bitcoin, Ethereum, and Tether and that digital currencies are the payment method of the future.

UAE's First Govt-Owned Licensing Entity to Accept Crypto Payments

Ulhaq claims that KIKLABB is the first government-owned licensing entity in UAE to accept crypto payments. He believes that other companies will follow the same suit, adding:

“We’re in talks with high-profile players in the cryptocurrency sector who are exploring entry into Dubai. In addition, we have a robust community of local and international companies associated with smart contracts, blockchain, and private equity working alongside start-ups in the fields of education, healthcare, and food technology.”

According to him, crypto and blockchain technology is seeing significant adoption not just in the UAE but across the Middle East.

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